5 benefits of starting any strategic project with the Business Model Canvas
In life, the first step we take in order to achieve something is most likely the one that defines the success (or not) of the intended action. So, it would make sense to say that it is truly a big thing. It is, however, easy to underestimate its importance and pay the consequences later.
Like in life, projects and businesses need to take the right first step to improve their chances of success. It might be paradoxical, but the first step might be to stop and look at where you are starting from. A great start of any project is working with the template known as the Business Model Canvas.
The BMC is an amazing tool that goes deep into your business model and its details. It’s organised in 9 blocks which makes it easy to follow and enables a great general view of the state of your business. It allows you to identify your customers segments, the value proposition your service or product is serving them through what channels, how your company is making money and which partners are key to deliver the value proposition.
Whether you are starting a business, tackling a new project or struggling to move forward, taking the time to work on the BMC is truly worth the while. We have pulled the 5 key benefits of the model:
# 1: It gives you awareness of your current state
Knowing where you are starting from will allow you to define how you are going to evolve. Sounds simple but it’s where many fail. By writing it down, you avoid having ideas floating around about your perception of the business. If you are starting a new business, BCM will ensure that you have all areas planned out.
# 2: It gives you a different perspective
(or a different set of perspectives depending on the block you are working on).
Its simple and logical structure allows you to define the necessary (and difficult to manage) distance between your day to day and your long term goal.
# 3: It is eye opening!
It really helps to discover new opportunities as well as threats hidden under the “carpet”. It also ensures team alignment and fosters healthy discussion. When you are done, you will all be on the same page.
# 4: It’s Inclusive!
It includes and focuses on all areas of a business. It works best when all team members are involved and it encourages the participation of all types of personalities making it a true team effort.
# 5: It evolves with you and your business.
Like your professional career or personal life, your business and the components that interact together in the model are constantly changing. Working on your BMC every year will allow you to embrace changes and be ahead of the game.
The take aways:
-The Business Model Canvas is a simple, logical tool. It’s fun for everyone to work on, it’s dynamic, inclusive and a solid first step to future success. Make sure you have a facilitator that makes the difficult questions and takes you through the process.
-But don’t forget, it’s a first step which needs reviewing continuously. Having your BMC at arm reach will allow you to evolve and manage disruption to remain relevant to your customer.